Successful refinancing of current debt facilities

RNS Number : 5606C

Playtech PLC

12 October 2022

 

Playtech PLC

('Playtech' or the 'Company')

Successful refinancing of current debt facilities

As outlined in the Company's Interim Results, announced on 22 September 2022, Playtech has been engaged in a comprehensive review of options to refinance the €530 million senior secured notes and the Company's revolving credit facility ("RCF"), both of which mature in Q4 2023. Playtech is now pleased to announce that it has entered into an amended €277 million RCF until October 2025, with a further one-year extension option.

Given its strong balance sheet and cash generation, Playtech also announces that it is serving notice to redeem at par on 16 November 2022 €330 million of the €530 million senior secured notes due to mature in October 2023. This will be funded using current cash balances with the amended RCF expected to remain undrawn following the early redemption. This will result in cash interest savings of approximately €12 million in 2023. The balance of the outstanding bond will be repaid at maturity, or sooner, taking the total annualised savings to €20 million. Following the early redemption, Playtech will have more than €200 million of available cash on its balance sheet. Playtech's only other material debt obligation is the €350 million senior secured notes maturing in 2026.

Andrew Smith, Chief Financial Officer said, "The combination of Playtech's strong balance sheet and the high cash generation from its operations have enabled the Company to carry out this efficient refinancing, in spite of challenging debt market conditions. We are pleased to have achieved this result, and to have made the significant interest savings that otherwise could have been incurred." 

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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please contact:

Playtech plc  Chris McGinnis, Deputy CFO & Director of Investor Relations
Headland (PR adviser to Playtech)  [phone] Lucy Legh, Stephen Malthouse

About Playtech

Founded in 1999 and premium listed on the Main Market of the London Stock Exchange, Playtech is a technology leader in the gambling and financial trading industries with over 6,700 employees across 26 countries.

Playtech is the gambling industry's leading technology company delivering business intelligence driven gambling software, services, content and platform technology across the industry's most popular product verticals, including, casino, live casino, sports betting, virtual sports, bingo and poker. It is the pioneer of omni-channel gambling technology through its integrated platform technology, Playtech ONE. Playtech ONE delivers data driven marketing expertise, single wallet functionality, CRM and responsible gambling solutions across one single platform across product verticals and across retail and online.

Playtech partners with and invests in the leading brands in regulated and newly regulated markets to deliver its data driven gambling technology across the retail and online value chain. Playtech provides its technology on a B2B basis to the industry's leading retail and online operators, land-based casino groups and government sponsored entities such as lotteries. Playtech directly owns and operates Snai, the leading sports betting and gaming brand across online and retail in Italy.

 

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